How Can I Reduce My Van Insurance Premium?
Caeva O'Callaghan | July 6th, 2023
Want to pay less for your monthly van insurance premium? Here are some tips and tricks to help you do it.
No one likes paying more than they need to, especially for van insurance. When you own a business and need to operate a van on a daily basis, you want to be paying as little as possible while still retaining full coverage.
In this article, we’ll be covering questions like:
- How can I pay less for van insurance?
- Does my occupation make van insurance more expensive?
- Can I get a discount on van insurance?
You may be surprised to learn what tricks you can leverage to lower your van insurance. Read on to find out more.
How can I pay less for van insurance?
The best way to lower your van insurance premiums is making sure your vehicle has regular CVRT tests. This is the Commercial Vehicle Roadworthiness Test, and it confirms that a vehicle satisfies basic safety standards on the day the test is carried out. All commercial vehicles must be tested when they are over one year old and annually after that.
When your van completes a CVRT, you are given a Certificate of Roadworthiness (CRW). This certificate is proof that a vehicle met a set of basic safety standards on the day it passed its test, however it cannot be regarded as a warranty with regards to the condition of the vehicle. Having an up to date and squeaky clean CVRT lets your insurer know your vehicle is in good condition, and therefore safe.
You can also increase your policy excess in order to bring your premiums down. Your excess is the amount you pay in the event of making a claim in other words, it’s the “cost” of making a claim. A general rule is that if the excess is going to be more than the repairs you need to make, you’re better off paying out of pocket than getting insurance involved.
But raising your excess can lower your monthly premium, as insurance companies assume they’ll get that money in the event you make a claim.
Finally, consider whether you need open driving on your policy. Open driving is a type of insurance which lets anyone drive your commercial vehicle. If you’re the only driver, it’s not worth having, or if you only have one other regular driver of your van it may be more cost effective to add that individual as a named driver on your policy.
Does my occupation make van insurance more expensive?
Sometimes, yes it does. Different risk levels associated with different kinds of trades means you may pay less for your van insurance if you describe what you do a different way.
For example, if you are primarily a painter, you should put down “painter and decorator” as your occupation. Choosing this option will work out cheaper than if you choose “general tradesman”. This is because that occupation is very vague, and insurance companies will want to cover the risk of you working at heights, with power tools, with gas or in other dangerous situations. Painting and decorating is a low-risk trade, so it’s worth being clear about what you do for a living.
Bear in mind that outright lying to your provider does in fact constitute insurance fraud, and is illegal. If you’re found guilty you could lose your license and your business – it really isn’t worth it.
Can I get a discount on van insurance?
Many insurance providers give you discounts for buying other products. If they offer tradesman insurance they may also offer van insurance, and while it might not seem the cheapest at first you may be able to get a customer loyalty deal.